1. Purchasing can be broadly classified into two categories merchants and industrial buyers. 2. The

1. Purchasing can be broadly classified into two
categories: merchants and industrial buyers.

2. The
acquisition of services is also known as contracting.

3. The
term Supply Management is used to describe responsibilities above and beyond
those of traditional purchasing.

4. In
the context of Supply Chain Management, the acts of obtaining raw materials,
services, maintenance, repair and operating supplies for money can all be
defined as purchasing.

5. Industrial
supply chain member buyers purchase their merchandise in volume to take
advantage of quantity discounts, transportation economy, and storage
efficiency, and then they create value through services like consolidating
merchandise or break bulking.

6. The
goal of a good purchasing system is to ensure efficient information transitions
between the materials users, the purchasing personnel, and the suppliers.

7. There
is a clear line between purchasing activities and the supply management
function.

8. According
to the Annual Survey of Manufacturers, the cost of materials exceeds the
value added to the materials during manufacturing.

9. The
goal of a proper purchasing system is to ensure the efficient transmission of
information from the users to the purchasing personnel, and ultimately, to the
suppliers.

10. A
growing trend among firms that practice supply chain management is supplier
development.

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